2021 international entities overview for knowledge … · 2021. 1. 28. · isa 315 (revised 2019),...

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Knowledge-Based Audits of International Entities

2021 INTERNATIONAL ENTITIES OVERVIEW FOR KNOWLEDGE COACH USERS

PURPOSE

This document is published for the purpose of communicating, to users of the toolset, updates and enhancements included in the current version. This document is not, and should

not be used as an audit program to update the audit documentation of an engagement started in a previous version of this product.

WORKPAPER UPDATES AND ROLL FORWARD NOTES

General Roll Forward Note: You must be the current editor of all Knowledge Coach workpapers to update to the latest content, and you must be the current editor upon opening the updated workpaper for the

first time to ensure you see the updated workpaper.

The 2021 Knowledge-Based Audits of International Entities have been updated to help auditors conduct efficient and effective audit engagements in accordance with U.S. GAAS

and to take into account the latest literature, standards, and guidance, including:

• ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement;

• ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures

The 2021 tools include links to detailed analysis related to the steps and processes discussed in the workpapers. Many new tips and examples have been incorporated. Also

included is access to a financial statement disclosures checklist tool that provides a centralized resource of the current required and recommended accounting disclosures and key

presentation items under International Financial Reporting Standards (IFRS).

Caution: This title does not include all audit requirements included in U.S. Generally Accepted Auditing Standards (U.S. GAAS). Engagements that are required to be

performed under both ISAs and U.S. GAAS should also refer to the Knowledge-Based Audits of Commercial Entities for requirements under U. S. GAAS. An AICPA

member conducting an audit in accordance with the ISAs must also comply with U.S. GAAS.

The 2021 edition of Knowledge-Based Audits of International Entities includes the following updates:

Knowledge-Based Audit Documents (KBAs)

Type of

Change Description of Change Location

Based on

Standard Y/N

Standard

Reference

Roll Forward and Update Content

Considerations

KBA-101 Overall Audit Strategy

Modify Under “Reliance on Others” modified text below the Service Organization

table to improve workflow as follows:

If a service organization report is not available, the auditor should

document his or her understanding of the control(s) management has in

place over the work of the service organization in KBA-403

Procedures Improved

Workflow



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

Understanding Activity-Level Controls: Revenue, Accounts Receivable,

and Cash Receipts through KBA-410 Understanding Activity-Level

Controls: Financial Reporting and Closing Process.

Modify Modified first column header under step, “Document the other services

our firm performs for this entity.” As follows:

Nature of Non-Assurance Services

Procedures Improved

Workflow

Table will retain on roll forward if user

selects to keep all responses on roll

forward.

KBA-200 Entity Information and Background

Modify Slightly modified step, “List component, location, or segment” and added

related note.

Note: In an audit of an entity with operations in multiple locations or with multiple

components, the auditor must comply with the requirements of ISA 600, Special

Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) regardless of whether another auditor has been engaged to perform audit

procedures at the component entity, and should consider the extent to which audit procedures

should be performed at selected locations, business units, or components. The auditor’s

objective is to obtain sufficient appropriate audit evidence about whether the entity’s

consolidated financial statements are free of material misstatement. The auditor should

correlate the amount of audit attention devoted to the location or business unit with the

degree of risk of material misstatement associated with that location or business unit.

When determining whether an engagement requires group audit consideration, the auditor

should consider the following factors:

• All consolidated financial statements and consolidation process;

• All combined financial statements (i.e., components under common control);

• If more than one location or division/branch/business segment exist;

• Joint ventures;

• Investees accounted for under the equity method or cost method, less impairment

if applicable; and

• Certain governmental considerations; for example, a component may be a

separate legal entity reported as a component unit or part of the governmental

entity such as a business activity, department or program.

The auditor should consider the following factors when determining which locations or

business units should be tested and when determining the nature, timing, and extent of the

audit procedures to be performed:

• The reporting framework of the Group and component.

• The nature and amount of assets, liabilities, and transactions executed at the

location or business unit, including, for example, significant transactions executed

at the location or business unit that are outside the normal course of business for

the entity, or that otherwise appear to be unusual given the auditor's

understanding of the entity and its environment;

Procedures Enhancement Step will retain on roll forward using

default settings



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

• Group materiality and component materiality of the location or business unit;

• The specific risks associated with the location or business unit that present a

reasonable possibility of material misstatement to the entity's consolidated

financial statements;

• Whether the risks of material misstatement associated with the location or

business unit apply to other locations or business units such that, in combination,

they present a reasonable possibility of material misstatement to the entity's

consolidated financial statements;

• The degree of centralization of records or information processing;

• The effectiveness of the control environment, particularly with respect to

management's control over the exercise of authority delegated to others and its

ability to effectively supervise activities at the location or business unit; and

• The frequency, timing, and scope of monitoring activities by the entity or others

at the location or business unit.

The auditor may also consider the following factors when determining the nature, timing, and

extent of audit procedures for entities with multiple locations or business units:

• Existence of subsidiaries or variable interest entities that will require

consolidation;

• Subsidiaries or other locations that are to be audited by component auditors;

• Specialized knowledge that is required for subsidiaries or other locations;

• Reporting currency or other location-specific requirements;

• Communications with component auditors about the scope of their procedures

and other professional requirements regarding the auditor’s reliance on their

work;

• How to obtain evidence regarding the design and operation of internal controls

when the entity uses an outside service organization to process significant or

unusual transactions;

• Information known from prior audits and whether the auditor may obtain and

update evidence concerning the design and operation of internal controls initially

obtained in prior-year audits;

• How Information technology (IT) affects the audit, including the availability of

client data and whether computer-assisted auditing techniques will be required or

used. The auditor may need to consider the use of a specialist to test the operating

effectiveness of both IT general and application controls;

• The possibility of spreading the audit procedures and coverage over the year,

particularly in connection with the timing of any interim reviews; and

• The availability of client personnel, as well as coordination of entity support such

as lead schedules and other supporting schedules requested by the auditor.

Also, to introduce unpredictability into the testing, the auditor should vary the nature, timing,

and extent of audit procedures to be performed at locations or business units from year to

year.

The auditor may eliminate from further consideration locations or business units that,

individually or when aggregated with others, do not present a reasonable possibility of material misstatement to the entity’s consolidated financial statements. In lower-risk

locations or business units, the auditor first might evaluate whether testing entity-level



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

controls, including controls in place to provide assurance that appropriate controls exist

throughout the organization, provides the auditor with sufficient appropriate audit evidence.

KBA-201 Client/Engagement Acceptance and Continuance Form

Modify Under Part 2, Section I, added step 2y which read as follows:

If the entity is adopting or has adopted new accounting standards, are its

internal controls inadequate to address the potential impact of the new

standard’s required data and disclosures?

Procedures New or

Revised

Guidance

KBA-302 Understanding the Entity and Its Environment

Modify Added additional considerations for users who wish to implement ISA 315

(Revised 2019) early.

Added new TQ, “Is the auditor early implementing ISA 315 (Revised

2019)?

This new TQ will show a new section, “Business Model (Applicable for

those early implementing ISA 315 (Revised 2019)) if answered as “yes”.

Procedures New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material

Misstatem

ent

KBA-303 Inquiries of Management and Others Within the Entity About the Risks of Fraud and

Noncompliance with Laws and Regulations

Modify In Conclusion section, “Based upon the above inquiries, we investigated

inconsistencies related to inquiries of management, those charged with

governance, and others, and have considered their impact on our

assessment of the risk of fraud and identified risks of material

misstatement due to fraud that have been summarized at KBA-502

Summary of Risk Assessments.” the “No” floatie has been updated to be,

“No Inconsistencies Noted”.

Conclusion Workflow This step will reset on roll forward due

to content changes.

KBA-400 Scoping and Mapping of Significant Account Balances, Classes of Transactions, and

Disclosures



Instructions New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

the Risks

of

Material

Misstatem

ent

Modify Minor wording changes in the instructions and to practice points in the

instructions

Instructions

KBA-401 Understanding Entity-Level Controls



Instructions;

Procedures

New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material

Misstatem

ent

Modify Modified descriptions of the five components of internal controls Tables Enhancement

KBA-402 Understanding General Controls for Information Technology

Modify Added practice point regarding ISA 315 (Revised 2019). Instructions New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material

Misstatem

ent

KBA-403 Understanding Activity-Level Controls: Revenue, Accounts Receivable, and Cash

Receipts through KBA-410 Understanding Activity-Level Controls: Financial Reporting and

Closing Process



Type of


Based on

Standard Y/N

Standard

Reference


Considerations



Instructions New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material

Misstatem

ent

KBA-412 Understanding Controls Maintained by a Service Organization

Modify Modified documentation of the date of the service auditor’s report which

now reads as follows:

The “as of date” (Type 1) or period covered (Type 2) in the service

auditor’s report:

Procedures Enhancement Step will reset on roll forward due to

content changes.

Add Added the following items to be documented:

Locations covered, if applicable:

Name and description of subservice organization(s), if applicable:

Type of opinion expressed in the service auditor’s report (e.g.,

unmodified or modified):

Practice Point: If modified, document the nature of the qualification(s), and any potential effect it may have on the risk of a material misstatement in the entity’s financial statements. A qualification may affect a single control objective or may affect several control objectives.

Procedures Enhancement

Modify Moved step 1 into its own table above the description of the professional

reputation of the service auditor:

1. We performed procedures to become satisfied as to:

a. The service auditor’s professional competence.

b. The service auditor’s independence from the service

organization.

c. The adequacy of the standards under which the service auditor’s

report was issued.

Procedures Improved

Workflow

Steps will retain from prior table on roll

forward using default settings.



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

Practice Point: Procedures may include reviewing on-line sources of information regarding the service auditor’s standing. If no information can be found, the auditor should document that fact, and evaluate the effect on the audit.

Add Added step 8d regarding the period not covered by the Type 2 report:

If the Type 2 report does not cover a significant portion of the period

covered by the entity’s financial statements, obtaining audit evidence

regarding the operating effectiveness of controls for the period that is not

covered by the Type 2 report by performing additional procedures.


Modify Modified step 9 and 10 regarding exclusion of subservice organizations,

which now reads as follows:

If we plan to use a Type 1 or a Type 2 report that excludes the services

provided by a subservice organization and those services are relevant to

the audit of the financial statements, we identified the functions performed

by the subservice organization and applied the requirements of AU-C

Section 402, Audit Considerations Relating to an Entity Using a Service

Organization, with respect to the services provided by the subservice

organization. If the service organization uses the carve-out method and the

functions of the subservice organization are significant and relevant to the

entity’s internal control over financial reporting, we obtained additional

information about the subservice organization’s controls.

If we expect to issue an unmodified auditor’s report, we will not refer to

the work of the service auditor unless required by law or regulation to do

so. If such reference is required by law or regulation, our report will

indicate that the reference does not diminish our responsibility for the

audit opinion.

Enhancement Steps will reset on roll forward due to

content changes.

KBA-502 Summary of Risk Assessments



Instructions;

Procedures

New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

Misstatem

ent

KBA-503 Basis for Inherent Risk Assessment

Added Added TQ, “Is the auditor early implementing ISA 315 (Revised 2019)?”.

This TQ will flow from AUD-100 and will show the applicable table for

the basis of inherent risk assessment.

Table

Modify Added columns to table “ Prior to Implementation of ISA 315 (Revised

2019)” for relevant assertion and inherent risk assessment to aid in

documenting the basis for inherent risk.

This information will flow from KBA-400

Users will now select in the first column, “Significant Audit Areas” the

audit areas where the user wants to document the basis for inherent risk.

After selecting the audit area, the two columns above will flow in. The

user also now has the ability to only document the basis for inherent risk

assessment for audit area or for a particular assertion related to that audit

area.

Instructions,

Table

Improved

workflow

This workpaper will reset on roll

forward due to the content changes.

Modify Added new table for users who will EARLY implement ISA 315.

This table will show/hide based on new TQ noted above.

This information will flow from KBA-400.

Users who are early implementing ISA 315 (Revised 2019) will need to

document the impact of inherent risk factors on the overall assessment of

inherent risk (Complexity, Subjectivity, Change, Uncertainty,

Susceptibility).

Instructions;

Table

New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material

Misstatem

ent

KBA-902 Audit Review and Approval Checklist

Modify Under “Section I: Detailed Auditor Review” modified step 9 and under

“Section II: Engagement Partner Review” modified step 8 to address key

audit matters:

Procedures New and

Revised

Guidance

SAS-134 Step will reset on roll forward due to

content changes.



Type of


Based on

Standard Y/N

Standard

Reference


Considerations

The Engagement Completion Document adequately addresses significant

findings and issues identified during the audit, including identification and

evaluation of key audit matters when the auditor is engaged to report on

key audit matters.

KBA-904 Audit Documentation Checklist

Modify Added practice point regarding ISA 315 (Revised 2019). Instructions New or

Revised

Guidance

ISA 315

(Revised

2019),

Identifyin

g and

Assessing

the Risks

of

Material

Misstatem

ent

KBA-905 Review and Approval Checklist: Interim Review of Financial Information

Modify Minor wording changes Procedures

Audit Programs (AUDs)

Type of


Based on

Standard Y/N

Standard

Reference Roll Forward Considerations

AUD-100 Engagement-Level Tailoring Questions

Added New TQ, “Is the auditor early implementing ISA 315

(Revised 2019)?”.

Please review KCO-003 Answer Effects for the

Engagement-Level Tailoring Questions Workpaper for all

show/hide based on this new TQ.

TQ Table

AUD-101 Overall Audit Program

Add Under “Evaluating, Concluding and Reporting Procedures”

added step 95 which reads:

Procedures



Type of


Based on

Standard Y/N

Standard


If reporting on key audit matters, select and document, from

among the matters communicated with those charged with

governance, those matters that, in the auditor’s judgment,

required significant auditor attention in performing the audit

and that, therefore, are the key audit matters.

AUD-201 Audit Program: Opening Balances and Additional Audit Procedures for an Initial or Reaudit Engagement

Modify Minor wording changes Purpose,

Instructions

Clarification

Modify Modified instructions to discuss significant unusual

transactions

Instructions New or

Revised

Guidance

SAS No. 135

Add Added step 1 under “accepting the engagement” which reads

as follows:

In accepting the engagement, we have considered:

a. Arrangements to be made with the predecessor

auditor (e.g., to review the predecessor auditor's

audit workpapers);

b. Any major issues discussed with management or

those charged with governance regarding the initial

selection as auditors and how these issues affect the

overall audit strategy and audit plan;

c. The assignment of personnel possessing the

appropriate characteristics and qualifications to

enable them to perform competently and to

successfully execute the engagement;

d. Other procedures required by the firm's quality

control system for initial audit engagements (e.g.,

the involvement of another senior individual to

review the overall audit strategy before starting the

audit or to review the audit report before it is

issued); and

e. The procedures planned to obtain audit evidence

regarding opening balances.

Procedures Clarification



Type of


Based on

Standard Y/N

Standard


This new step will show if the new TQ flowing into this

form, “Is this a new or recurring engagement?” is answered

as “New” in AUD-100.

Modify Reorganized many steps to improve workflow. Procedures Improved

workflow

Add Added step “No Predecessor Auditor” with specific

procedures that may be performed in new engagements when

there is no predecessor auditor, replacing the existing generic

step.


Modify Split step 11 under “Predecessor Auditor” (previously step

6) into two steps which read as follows:

We reviewed the predecessor auditor’s report on the

financial statements and other reports and documents as

necessary (such as the management letter or communication

of significant deficiencies in internal control, attorney

response letters to audit inquiries, and the management

representation letter).

We reviewed the predecessor auditor’s permanent file

documents that are pertinent to the audit (such as articles of

incorporation, partnership agreements and other significant

agreements, and legal documents).

Procedures The first step will retain on roll forward if user

selects to keep all responses on roll forward.

The second step is considered new.

Add Added step regarding key audit matters:

If we are required or have otherwise decided to report on key

audit matters and we encountered significant difficulty in

obtaining sufficient appropriate audit evidence about

whether the opening balances contain misstatements that

materially affect the current period’s financial statements, we

determined whether the issue is a key audit matter that

requires communication in the auditor’s report.

Procedures New or

Revised

Guidance

SAS No. 134

AUD-604 Audit Program: Using the Work of a Management’s Expert

Modify Deleted the version prior to ISA 540R and reindexed the

version for use under ISA 540R.

Workpaper All updates steps will retain on roll forward if

the user selects to keep all responses on roll

forward.



Type of


Based on

Standard Y/N

Standard


Removed TQ regarding ISA 540 (Revised) and show/hide

related to this TQ.

AUD-800 Audit Program: Custom through AUD-822 Audit Program: Business Combinations

Modify Modified instructions to provide additional guidance related

to specific risks and assertion level risks.

Instructions

AUD-803 Audit Program: Accounts Receivable and Revenue

Delete Deleted steps “Revenue Recognition” as duplicative of step

“Understanding Revenue Streams”

Procedures

AUD-816 Audit Program: Fair Value Measurements and Disclosures

Modify Modified steps “Third-Party Pricing Agency” and “Fair

Value Procedures” with additional procedures the auditor

may perform.

Procedures Enhancement All modified steps will retain on roll forward if

user selects to keep all responses on roll

forward.

AUD-818 Audit Program: Share-Based Payments

Modify Updated step c to focus on the audit procedures rather than

specific accounting requirements:

“Amortize the Compensation Expense”

Procedures Step will reset on roll forward due to content

changes.

AUD-822 Audit Program: Business Combinations

Modify Minor wording changes Procedures

AUD-901 Audit Program: Subsequent Events

Add Under “Section I: General Audit Procedures” added step 8:

We documented the name and title of individual(s) inquired

of regarding subsequent events and the date of the inquiry in

the comments column of this program or in a separate

workpaper documenting the discussion.


AUD-902 Audit Program: Going Concern

Modify Modified the header for the second column in the table in

Section I: Risk Assessment Procedures and Related

Activities”.

Does the Factor Exist Yes/No

Procedures Clarification Column will retain on roll forward if user




Type of


Based on

Standard Y/N

Standard


AUD-908 Interim Review Program: Management Inquiries

Modify Under “General” deleted step 18 regarding transactions near

the end of the reporting period.

Procedures

Modify Minor wording changes. Procedures

AUD-909 Audit Program: Financial Statement Review

Modify Modified step 4(a) under “Reading of Financial Statements”

as follows with two new bullets:

The financial information and related disclosures are

presented fairly, in all material respects, in accordance with

the applicable financial reporting framework, considering

whether the financial statements are presented in a manner

that reflects:

• The appropriate classification and description of

financial information and the underlying

transactions, events, and conditions; and

• The appropriate presentation, structure, and content

of the financial statements.

Procedures New or

Revised

Guidance

SAS No. 134 Main step will retain on roll forward if user


Added Added new section, “Overall Review of the Financial

Statements”.

Procedures New or

Revised

Guidance

SAS No. 134

Practice Aids (AIDs) have been modified and updated, where applicable, with additional tips, references, and examples.

• AIDs 302, 819, 826 Minor wording changes.

• AID-701 Added practice point to improve usability.

• NEW AID-847 Service Organization Report Analysis

Auditor’s Reports (RPTs) have been modified to reorganize footnotes, as needed

Correspondence Documents (CORs) have been modified and updated, where applicable, in accordance with current guidance.

• CORs 201, 202, 204 Minor wording changes



• COR-901 Added sample representations for cybersecurity and estimates.

Resource Documents (RESs)

• RESs 001, 002 Updated as needed

• RES-004 Added guidance to improve usability.

• RESs 008, 019 Updated consistent with related KBA.

• NEW RES-029 Implementing New Accounting Standards

In addition, forms and practice aids throughout have been updated to include new examples and tips and, where applicable, to take into account:

New literature, standards, and developments, reflected in the following current audit and accounting guidance:

• ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement

• ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures

Users of this content should consider guidance issued subsequent to these items to determine their effect on engagements conducted using this product.



RELATED, FOUNDATIONS AND ASSOCIATION WORKPAPERS FOR THIS TITLE

Related workpapers are Knowledge Coach Word workpapers where information flows in or out of tables within the workpaper. Some of these related workpapers are Foundation

workpapers or associated workpapers.

Foundation Workpapers include most of the Communication Hub workpapers, which are central to the Knowledge-Based Audit Methodology used by the Knowledge Coach titles.

Associated workpapers require you to associate them with custom values, such as audit areas, specialists, service organizations, and other items. Workpapers require an

association when you need to have more than one instance of a particular Knowledge Coach workpaper in your binder for each type of item to which the workpaper is related.

Making this association allows Knowledge Coach information to flow properly between workpapers.

Form No. Form Name

Foundation

Workpaper

Association

Workpaper

KBAs

KNOWLEDGE-BASED AUDIT DOCUMENTS

KBA-101 Overall Audit Strategy X

KBA-102 Engagement Completion Document X

KBA-103 Evaluating and Communicating Internal Control Deficiencies X

KBA-105 Review of Significant Accounting Estimates X

KBA-200 Entity Information and Background X

KBA-201 Client/Engagement Acceptance and Continuance Form

KBA-301 Worksheet for Determination of Materiality, Performance Materiality, and Thresholds for Trivial

Amounts

KBA-302 Understanding the Entity and Its Environment

KBA-303 Inquiries of Management and Others within the Entity about the Risks of Fraud and Non-compliance

with Laws and Regulations

KBA-400 Scoping and Mapping of Significant Account Balances, Classes of Transactions, and Disclosures X



Form No. Form Name

Foundation

Workpaper

Association

Workpaper

KBA-401 Understanding Entity-Level Controls

KBA-402 Understanding General Controls for Information Technology

KBA-403 Understanding Activity-Level Controls: Revenue, Accounts Receivable, and Cash Receipts

KBA-404 Understanding Activity-Level Controls: Inventory

KBA-405 Understanding Activity-Level Controls: Property, Plant, and Equipment

KBA-406 Understanding Activity-Level Controls: Other Assets

KBA-407 Understanding Activity-Level Controls: Accounts Payable and Cash Disbursements

KBA-408 Understanding Activity-Level Controls: Payroll and Related Liabilities

KBA-409 Understanding Activity-Level Controls: Treasury

KBA-410 Understanding Activity-Level Controls: Taxes

KBA-411 Understanding Activity-Level Controls: Financial Reporting and Closing Process

KBA-412 Understanding Controls Maintained by a Service Organization X

KBA-502 Summary of Risk Assessments X

KBA-503 Basis for Inherent Risk Assessment

KBA-902 Audit Review and Approval Checklist



Form No. Form Name

Foundation

Workpaper

Association

Workpaper

KBA-904 Audit Documentation Checklist

KBA-905 Review and Approval Checklist: Interim Review of Financial Information

AUDs

AUDIT PROGRAMS

AUD-100 Engagement-Level Tailoring Questions X

AUD-101 Overall Audit Program X

AUD-201 Audit Program: Opening Balances and Additional Audit Procedures for an Initial or Reaudit

Engagement

AUD-602 Audit Program: Involvement of a Component Auditor X

AUD-603 Audit Program: Using the Work of an Auditor’s Expert X

AUD-604 Audit Program: Using the Work of a Management’s Expert X

AUD-604A Audit Program: Using the Work of a Management’s Expert (In Accordance With ISA-540R)

AUD-701 Audit Program: Designing Tests of Controls

AUD-800 Audit Program: Custom X

AUD-801 Audit Program: Cash

AUD-802A Audit Program: Investments

AUD-802B Audit Program: Derivative Instruments and Hedging Activities



Form No. Form Name

Foundation

Workpaper

Association

Workpaper

AUD-803 Audit Program: Accounts Receivable and Revenue

AUD-804 Audit Program: Inventories and Cost of Sales

AUD-805 Audit Program: Prepaid Expenses, Deferred Charges, and Other Assets

AUD-806 Audit Program: Intangible Assets

AUD-807 Audit Program: Property and Equipment, and Depreciation

AUD-808 Audit Program: Accounts Payable and Purchases

AUD-809 Audit Program: Payroll and Related Liabilities

AUD-810 Audit Program: Income Taxes

AUD-811 Audit Program: Debt Obligations

AUD-812 Audit Program: Equity

AUD-813 Audit Program: Other Income and Expense

AUD-814 Audit Program: Journal Entries

AUD-815 Audit Program: Related-Party Transactions

AUD-816 Audit Program: Fair Value Measurements and Disclosures

AUD-817 Audit Program: Special-Purpose Entities



Form No. Form Name

Foundation

Workpaper

Association

Workpaper

AUD-818 Audit Program: Share-Based Payments

AUD-819 Audit Program: Commitments and Contingencies

AUD-820 Audit Program: Accounting Estimates

AUD-821 Audit Program: Concentrations

AUD-822 Audit Program: Business Combinations

AUD-901 Audit Program: Subsequent Events

AUD-902 Audit Program: Going Concern

AUD-903 Audit Program: Consideration of Fraud

AUD-904 Audit Program: Compliance with Laws and Regulations

AUD-907 Interim Review Program: Review of Interim Financial Information

AUD-908 Interim Review Program: Management Inquiries

AUD-909 Audit Program: Financial Statement Review

AUD-910 Audit Program: Specific Element, Account, or Item of a Financial Statement

AIDs

PRACTICE AIDS

AID-201 Non-Assurance Services Independence Checklist



Form No. Form Name

Foundation

Workpaper

Association

Workpaper

AID-302 Understanding the Entity’s Revenue Streams and Revenue Recognition Policies

AID-601 Considering the Use of the Work of Internal Auditors

AID-603 Component Identification and Analysis

AID-702 Results of Tests of Controls

AID-801 Audit Sampling Worksheet for Substantive Tests of Details

AID-901 Differences of Professional Opinion



Additional Information for Associated Workpapers

The following tables list the workpapers that require association in this title, along with the information that must be completed before you can insert each workpaper.

Workpaper Requiring

Association

What is it associated with?

Workpaper Table/Question

Association Item

(Custom Value)

KBA-412

Understanding Ctrls:

Service Org (Custom)

AUD-100 Engagement-

Level Tailoring Questions

Workpaper

Does the entity use service organizations? Shows the "Document the service

organizations used by the entity.” table in KBA-101 Overall Audit Strategy.

KBA-101 Overall Audit

Strategy Document the service organizations used by the entity.

Service Organization

AUD-602 Audit

Program: Component

Auditor Involvement

(Custom)

AUD-100 Engagement-


Workpaper

Does the auditor plan to rely on audit evidence provided by a component

auditor? is “Yes” Shows the "Document the audit evidence provided by the

component auditor(s) that the engagement team will rely on in our

engagement." table in KBA- 101 Overall Audit Strategy.


Strategy

Document the audit evidence provided by the component auditor(s) that the

engagement team will rely on in our engagement.

Audit Firm Name

AUD-603 Audit

Program: Auditor's

Expert (Custom)

AUD-100 Engagement-


Workpaper

Does the auditor intend to use a expert on this engagement? is “Yes” Shows the

"Document the expected use of a expert(s) on our audit." table in KBA-101

Overall Audit Strategy.


Strategy

Document the expected use of a expert(s) on our audit. Then select Auditor's

Expert from the Type of Expert Column

Expert Firm Name

AUD-604 Audit

Program:

Management's Expert

(Custom)

AUD-100 Engagement-


Workpaper

Does the auditor intend to use a expert on this engagement? is “Yes” Shows the

"Document the expected use of a expert(s) on our audit." table in KBA-101

Overall Audit Strategy.


Strategy

Document the expected use of a expert(s) on our audit. Then select

Management's Expert from the Type of Expert Column.

Expert Firm Name

AUD-800 Audit

Program: (Custom)

AUD-100 Engagement-


Workpaper

What financial statement audit areas are applicable to this engagement?

“Customize Audit Area” link within the answer selection box.

Custom Audit Area